Devine recently issued a stock market release saying:
"Market conditions have continued to deteriorate across most Australian property markets which
have had a significant impact on the company bringing new projects to the market."
In Brisbane, Devine has a joint venture with Leightons on a multi-building apartment complex called Hamilton Harbour, where most off-the-plan sales for buildings one and two have reached settlement.
According to the AFR this week, as at late December, Devine had settled 80% of the off-the-plan sales. Why have 20% not settled? All may be revealed when Devine's financial results are released shortly. If 20% of the sales have fallen over, this may impact nearby developments by Brookfield Multiplex, Mirvac and Citimark.
Devine has a rental website for the project, advertising two bedroom apartments for rent from $545 per week. But some two bedroom apartments are listed on RealEstate.com.au for $795 a week, which seems outrageously high for a 85 sqm apartment facing West.